First of Long Island (NASDAQ:FLIC) Now Covered by StockNews.com

StockNews.com initiated coverage on shares of First of Long Island (NASDAQ:FLIC) in a research note issued to investors on Friday morning. The brokerage issued a hold rating on the bank’s stock.

Separately, Keefe, Bruyette & Woods raised their price objective on shares of First of Long Island from $11.00 to $13.00 and gave the stock a market perform rating in a research note on Monday, July 29th.

First of Long Island Price Performance

NASDAQ FLIC opened at $13.19 on Friday. First of Long Island has a 1 year low of $9.30 and a 1 year high of $13.95. The business’s fifty day moving average is $12.57 and its two-hundred day moving average is $11.26. The stock has a market capitalization of $296.99 million, a P/E ratio of 12.21 and a beta of 0.69. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.97 and a current ratio of 0.97.

First of Long Island (NASDAQ:FLIC) last announced its earnings results on Thursday, July 25th. The bank reported $0.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.19 by $0.02. First of Long Island had a return on equity of 5.93% and a net margin of 12.58%. The company had revenue of $45.41 million for the quarter, compared to analyst estimates of $20.90 million. During the same period in the previous year, the firm earned $0.31 earnings per share.

First of Long Island Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 21st. Shareholders of record on Friday, October 11th will be given a dividend of $0.21 per share. The ex-dividend date of this dividend is Friday, October 11th. This represents a $0.84 dividend on an annualized basis and a yield of 6.37%. First of Long Island’s payout ratio is presently 77.78%.

Insider Buying and Selling at First of Long Island

In other news, Director John Abbott Root Cooper sold 166,633 shares of the stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $12.70, for a total value of $2,116,239.10. Following the completion of the sale, the director now directly owns 3,453 shares of the company’s stock, valued at $43,853.10. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 6.33% of the company’s stock.

Institutional Trading of First of Long Island

Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of First of Long Island by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 1,144,181 shares of the bank’s stock worth $12,689,000 after purchasing an additional 8,109 shares in the last quarter. ProShare Advisors LLC increased its holdings in First of Long Island by 8.2% in the first quarter. ProShare Advisors LLC now owns 687,077 shares of the bank’s stock worth $7,620,000 after buying an additional 51,872 shares during the last quarter. Renaissance Technologies LLC raised its position in First of Long Island by 1.7% during the second quarter. Renaissance Technologies LLC now owns 606,650 shares of the bank’s stock valued at $6,079,000 after acquiring an additional 10,400 shares in the last quarter. AQR Capital Management LLC increased its stake in shares of First of Long Island by 272.6% during the 2nd quarter. AQR Capital Management LLC now owns 438,812 shares of the bank’s stock worth $4,397,000 after purchasing an additional 321,032 shares during the last quarter. Finally, American Century Companies Inc. raised its holdings in shares of First of Long Island by 17.3% during the 2nd quarter. American Century Companies Inc. now owns 351,452 shares of the bank’s stock valued at $3,522,000 after purchasing an additional 51,792 shares in the last quarter. 48.33% of the stock is currently owned by hedge funds and other institutional investors.

First of Long Island Company Profile

The First of Long Island Corporation operates as the holding company for The First National Bank of Long Island that provides financial services to small and medium-sized businesses, professionals, consumers, municipalities, and other organizations. The company offers business and small business checking, personal checking, negotiable order of withdrawal, interest on lawyer, escrow service, rent security, personal and nonpersonal money market, savings, time deposit, and individual retirement accounts.